Stocks&Thoughts

#Copper fell about 3% today to around $6.20, hit by the AI equity selloff more than anything in the metal. 📉 China's Yangshan import premium just matched its 2013 record at $210/t. 🇨🇳 Paper is selling while physical gets tighter, and that gap usually closes one way. ⛏️ mining.com/web/nickel-price-…

VIDEO INTERVIEW - Drilled to 200 Metres So Far, Phase Two Tests 600 to 700: @MiningStockEdu & @MidnightSunMine VP on Dumbwa's Untested Depth and Western Flank $MMA.v $MDNGF Posted on behalf of Midnight Sun Mining - Joining Bill Powers on Mining Stock Education, VP Business Development and Communications Adrian O'Brien of Midnight Sun Mining covered what a year of drilling has established at the Dumbwa copper project in Zambia 🇿🇲, then spent most of the conversation on the parts of the system nobody has drilled yet. ⭐️A Year Of Drilling⭐️ ✅Started August of last year, almost 100,000 m drilled in 12 months [1:20] ✅12 km of strike achieved, inside a target he describes as roughly 20 km long [3:08, 4:41] ✅Southern corridor 300 to 600 m wide, northern blowout zone now around 2.4 km wide [3:22, 16:37] ✅"We've really moved this from an idea, from a target to a real discovery to a big deposit" [1:46] ⭐️What Phase Two Is Built To Answer⭐️ ➡️Extend north, and west onto the Mulundu Licence, where O'Brien says mineralization likely continues [11:45] ➡️Drill the magnetics, IP and geochem targets east and west of the corridor, ground he says historic work never touched [17:16, 17:43] ➡️Infill drilled areas to define edges and grade for a first MRE [18:09] ➡️Drilled to 200 m so far, a handful of deeper holes hit mineralization, Phase Two targets 600 to 700 m [18:35, 19:15] On depth: "maybe we haven't even touched the best part of Dumbwa yet." [19:27] ⭐️Cost And Treasury⭐️ ✅All-in diamond drilling around $165 a metre, against the $500 to $1,000 he says friends pay in Nevada and Idaho [15:41] ✅Phase One was a $20 million program, Phase Two is surgical, fewer holes and fewer rigs [14:10] ✅Roughly $6 to $8 million in treasury plus in-the-money warrants, and "at this point, we have no need to go to the market" [13:57, 20:06] ✅Kazhiba sale process still underway as the non-dilutive funding path [19:39] ⭐️Assays⭐️ ➡️Lab backlogs are international rather than Zambian, with labs overwhelmed in a busy market [9:42] ➡️Roughly 5,000 samples queued, first batch landing the day before taping [8:35] ➡️MRE aimed at the southern half of Dumbwa, timing dependent on assays [4:14, 5:20] The full episode is worth a listen for the Phase Two walkthrough. With the backlog starting to move and the rigs pointed at depth and the untested western side, there is room for Dumbwa to end up looking bigger than the first 12 km have shown.